Is inflating income, lying on credit applications OK? – Consult with a Vancouver Mortgage Broker

Ten per cent of Canadians surveyed say it’s okay to inflate your income when applying for a mortage, according to a new survey by credit reporting agency Equifax. DREAMSTIME By: Susan Pigg Business Reporter, Published on Mon Aug 11 2014 Ten per cent of Canadians surveyed say it’s okay to inflate your income when applying for a mortgage, […]

A score to settle You’d be surprised what they’re using your credit score for.

by David Hodges  In his 13 years as an insurance broker Bryan Yetman has regularly witnessed the havoc credit scores wreak on consumers. No case, however, unsettled the past president of the Insurance Brokers Association of Ontario (IBAO) more than that of a woman diagnosed with breast cancer while in the midst of a divorce a […]

Fighting Mortgage Fraud – Consult with a Vancouver Mortgage Broker

Fighting Mortgage Fraud Special to CMT, By Karen Beattie, NEXSYS Financial  Mortgage fraud in Canada has increased by a staggering 50% in recent years, according to Equifax. While accounting for only 13% of attempted frauds in 2011, mortgage fraud was responsible for two-thirds, or $400 million, of the estimated dollar amount of financial fraud in Canada. […]

A deal killer brokers can overlook – Ask a Vancouver Mortgage Broker

by Donald Horne Too many mortgage brokers are missing the biggest deal killer out there, says one Vancouver broker, and it can be easily avoided with one simple conversation. “It is definitely something we as brokers need to do, to tell the clients that they are harming themselves by making big-ticket purchases right when their mortgage […]

To get a mortgage, you’ll need to have a stellar credit score – Ask a Vancouver Mortgage Broker

The following article is from Canadian Real Estate Wealth Magazine. When you begin shopping around for a mortgage the importance of your credit history and score becomes evident. Your credit score is an important item that will determine what interest your mortgage agent will be able to offer you. It should be a priority because it […]

How to clean up errors on your credit record: Consult with a Vancouver Mortgage Broker

By: Ellen Roseman Personal Finance Columnist, Published on Tue Feb 12 2013 EXPLORE THIS STORY  Scott Smith, 24, is an MBA student. He’s proud of paying his bills on time and having an excellent credit record. So, he was surprised to find his credit score had plunged when he checked in with the two Canadian credit bureaus. There […]

My credit score is 788: What does it mean? – Ask a Vancouver Mortgage Broker

A good credit score is important if you plan to borrow money because it means you’ll qualify for lower interest rates on loans and have access to a variety of credit offers. Your credit score indicates the risk you represent for lenders when compared to other consumers.  Higher scores are viewed more favorably.  The two […]

Fix your poor credit rating- Ask a Vancouver Mortgage Broker

Request a free annual credit report to check for errors, suggests Gail Vaz-Oxlade. Did you ever see the CBC Marketplace episode where they asked 100 Canadians to check their credit reports for errors? Forty of those people found problems. Not exactly confidence-building when it comes to what those reports are saying about you, right? So […]

Mortgage fraud on the rise

MONTREAL — Consumer credit company Equifax uncovered roughly $400-million worth of mortgage fraud in Canada last year, an “eyeopening” number industry experts estimate represents only a fraction of the cheating taking place in the country’s real estate market. Atlanta-based Equifax says many financial institutions are tightening lending and, as a result, deceit in the property […]

Credit Repair Job

Credit is sometimes a mysterious concept to people. A lack of basic financial knowledge, such as why it’s important to pay bills on time, could be the difference between an A mortgage with a great rate and a B mortgage with higher payments. But as a broker, you know placing clients with an alternative lender […]